dition Special E elopments New Dev uction & Constr
The best of the Costa del Sol
2018
P.20 BECONSTRCUT
Special Edition New Developments & Construction 2018
P.34 MARKET REPORT 2018
P.48 ARChITECTURE
P.58 CRISTAL MARBELLA
P.68 LEGAL
M O FR
1.6
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LOMA DE CASASOLA Contemporary Marbella Luxury
BESPOKE LUXURY ARCHITECTURAL VILLAS SEA SIDE SECURE GATED COMMUNITY BEST VALUE ON THE MARKET HIGHEST MODERN STANDARDS
READY TO MOVE IN! www.lomadecasasola.com
info@lomadecasasola.com
+34 677 492 493
EDITORIAL
dition Special E elopments New Dev uction & Constr
2018
The best of the Costa del Sol
h
ello and welcome to our special edition of Ideal home dedicated to the best New Developments and Constructions 2018.
After a well needed rainy spring, the coast is all over with flowers and summer is about to start. And the coast is getting nicer and nicer with all these beautiful new developments under construction or just about to finish. Some of the best ones you can find in our magazine. And it is amazing to see how construction advances with new materials and technology adding value to the projects. Please also read our expert articles from renowned lawyers and Spanish Property Experts to avoid some
Published by:
Director comercial Stefan Knöbel s.knobel@adsmarketing.es
mistakes when buying in a foreign country. And of course, the unique Market Report with all the details you need to know before making a decision. We hope you enjoy our magazine and if you want to have more information about a project please contact the companies and find out about their quality and how pleasant it is to live in the South of Spain. And don’t forget to mention Ideal home, the best Real Estate Magazine on the Costa del Sol! Enjoy the magazine and enjoy the Costa del Sol
STEFAN KNÖBEL Managing Director, IDEAL HOME
ADS manifiesta que los puntos de vista y opiniones vertidos por los colaboradores son exclusivamente de ellos y no necesariamente reflejan los de la Editorial.
Director De arte andrés Vallejo Herrmann a.vallejo@adsmarketing.es PubliciDaD info@adsmarketing.es +34 951 775 790
ADS intenta contrastar la exactitud de la información contenida en cada publicación, si bien no se responsabiliza de ningún error u omisión ni de la autenticidad de las declaraciones hechas por terceros, por lo que recomienda a sus lectores realizar la correspondiente comprobación antes de efectuar cualquier transacción.
Depósito legal: ma 1203-2012
© Copyright: Los textos publicados, mapas, fotografías, diseños, etc, son propiedad de la IDEAL HOME, quedando prohibida
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su reproducción total o parcial en cualquier otro medio de divulgación, impreso o electrónico, salvo previo consentimiento. Igualmente se prohíbe la utilización de los materiales publicados para fines comerciales.
Mร LAGA
16th/18th NOV 201 8
Is there anything better than living by the Mediterranean? ORGANIZES:
Trade Fairs and Congress Center of Mรกlaga www.simedmalaga.com
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“LA CASA” Magnificent modern property in La Zagaleta (Benahavis) To stand out among the mansions of one of Europe’s most prestigious country clubs requires a property of some distinction, but this stunning ten-bedroom villa does just that. The plot size is almost 1.4ha and the Villa has a built area of more than 3.100m2 with a garage to fit in 14 cars.
M: (00 34) 674 219 700 ventas@prestige-expo.com Edif.Panorama, Local 1 Km.184, Ctra. de Cadiz. 29603 Marbella www.prestige-expo.com
“EL BOSQUE� Eight immaculate modern villas in La Reserva de Alcuzcuz (Benahavis) It is a privileged location made up of expansive private estates complete with deer that peacefully roam this former hunting estate. It is within this environment that eight luxury modern villas are being built. The properties measure 800-900 square metres and are built on plots of 3,000 square metres each on the upper and lower sides of a private road.
INTERVIEW MARK STÜCKLIN
In this edition we would like to introduce you to Mark Stücklin from Spanishpropertyinsight.com. Let’s start with an introduction: who are you and what do you do?
I
moved to Barcelona twenty years ago, and now consider it my home for life having started a family here. I’m half Swiss and half British, and have lived almost all my life as an expat. I came to Barcelona to do an MBA at IESE business school, after which I got a job in the marketing department of a local estate agency, but soon left to set up a property information website called Spanish Property Insight (www.spanishpropertyinsight.com) offering international buyers useful information and market insight to help them make informed decisions. Now I am also setting up a boutique property portal at SPI to offer buyers a selection of homes organised around specific interests or needs, working with leading real estate agents and developers in different parts of Spain. Big property portals are like supermarkets, while I’m aiming for a boutique portal that is more like a property delicatessen.
What do you think of the current situation of the real estate market in Spain in general and on the Costa del Sol in particular?
The agents and developers I talk to in most parts of the Spanish coast and islands paint a picture of a positive market with sales and prices on an upward trend, but with no sign of a bubble for now. Catalonia was one of the hottest markets in the first half of last year, but has cooled down since the constitutional crisis erupted in the region late last year. Madrid is still very dynamic, as are the Balearics. The Costa Blanca is showing steady growth in buyer numbers coming from increasingly diversified markets, so it has managed to shrug off the negative effects of Brexit in no time at all.
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It’s a similar story on the Costa del Sol, where the latest figures from the Land Registry show recorded sales up 25% in the first two months of the year compared to the same period last year. But as the latest market report from Survey Spain, and network of RICS qualified surveyors working all over Spain, and especially on the Costa del Sol, points out, new properties are selling well, but older, ‘classical’ properties are struggling, and prices continue to drop for those, except in the best locations.
What do you think of the New Development market which is picking up on the Costa del Sol?
As it happens, Survey Spain have just published research on exactly this question. They are “concerned at the amount of new construction being carried out, all along the Costa del Sol, with the probability of much of it coming onto the market at approximately the same time.” It seems there is still a considerable gap in price between the equivalent new and resale properties, because buyers value the new condition that gives new home a premium, though it does also mean that most purchasers of new property will find themselves in negative equity straight after purchase. New development is particularly widespread now in and around Estepona, which is the principal beneficiary of the planning problems within Marbella, as developers look for land where they can build without legal risks, even if it’s not the best location on the Costa del Sol. hopefully, these developments will result in increases to the local economy and the strong marketing will achieve a critical mass that will increase the prestige of the area. On the other hand, if that doesn’t happen, there is potential for a substantial oversupply reducing values all around.
INTERVIEW MARK STÜCKLIN
What are the benefits of buying an off-plan property in your opinion?
Buying off-plan should get you a discount compared to buying when construction is completed, though it doesn’t always work that way. Buying off-plan you also get more scope to customise your home these days, depending on the developer. But buying off-plan is also about timing, when it comes to evaluating the risks and rewards. Ironically, the worst time to buy off-plan is at the peak of a boom, when people say things like “property never lets you down”, whilst disaster lurks around the corner. Boom-time buyers are often lulled into a false sense of security, and don’t understand the risks they are taking. In my opinion the best time to buy off-plan is after a crash, when the only developers in town are the survivors, and they bend over backwards to treat buyers well. Essentially there are three main advantages to buying off-plan at a time like this. 1) Quality and design; homes being sold off-plan today are better quality and more attractive than ever before. Off-plan buyers today are king, and developers pamper them with open-plan distributions, spacious layouts, contemporary designs, designer kitchens and bathrooms, the latest fixtures and fittings, and good value for money. Today’s off-plan buyers get a much better deal than those who bought in
the boom, when standards plunged and prices exploded as a speculative real estate fever gripped the land. 2) Personalisation & customisation: The innovation in offplan sales over the last 10 years has been dramatic. Clients today have the option to customise and personalise their homes that buyers a decade ago could only dream of. Buying off-plan today means getting what you want in a new home, not what a developer thinks you want. 3) Prices. Thanks to the collapse in land values when the bubble burst, developers have been able to reduce the price of new homes sold off-plan. You get a customised new home with the latest designs and interiors for a better price than in the past, though prices are rising once again and I don’t know how long the good value will last.
How do you think will the Spanish property market perform this year?
Overall I think we will have another positive year with sales, prices, and mortgage lending all increasing in most popular destinations, with the exception perhaps of Catalonia, where the political situation is undermining foreign buyer confidence, though for now local demand still appears to be strong.
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INTERVIEW MARK STÜCKLIN
Finally, what advice would you give to bear in mind when buying a property?
• Always do your own research before you buy real estate in Spain. This means finding out how the conveyancing process works in Spain, and identifying the main risks. It also means researching market prices for a fair idea of property prices to guide you in your decision. Buyers who fail to research the market are likely to overpay for property and take unnecessary risks.
• The dream of owning property in Spain needs to be balanced by practical considerations, so be honest with yourself when deciding what kind of property you need. Wishful thinking alone will lead to poor decisions.
• Approach the purchase in a structured and organised way, and keep your wits about you at all times. Pursuing the dream of owning a property in Spain is no excuse for rash, risky decisions that you wouldn’t take at home.
• Always start by creating a clear, written brief of your property requirements to guide you search. Make hiring an independent, competent Spanish lawyer one of your first tasks. It is essential to avoid lawyers with conflicts of interest so never ask anyone involved in selling you property to recommend you a lawyer, and never use the in-house lawyer of an estate agent or developer.
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• Try to deal with reputable companies. Investigate companies before dealing with them. Never sign a contract or pay a deposit before carrying out an appropriate due diligence and getting the all clear from your lawyer. Due diligence varies according to circumstances, but in general never buy a resale property unless it is accurately described in notarised title deeds and is free of debts and encumbrances. When buying off-plan always make sure that a building licence has been granted by the town hall, that your stage payments are guaranteed, and that the contract you sign is watertight. Never sign deeds for an off-plan property until the first occupancy licence (licencia de primera ocupación) has been granted. • Never allow yourself to be pressurised into a decision.
• Always make sure your financial position is clear before paying a deposit. Failure to do so could result in you losing your deposit.
Hacienda Las Chapas - Marbella
Bedrooms: 4 Bathrooms: 4 Built: 293m2 Terrace: 84m2 Plot: 1.3181m2
1.695.000€
centro comercial elviria, local 6 & 7 • urbanización elviria • 29604 marbella, málaga tel: +34 952 85 00 01 • contact@residenciaestates.com
PASSION For PROPERTY
+34 952 85 00 01
Ref: 520731
Today the preferred design trend in Marbella is undoubtedly modern, but within this broad description there is a wide range of existing styles and architectural interpretations. These can vary in their quality of concept and execution, yet the Marbella market rewards excellence as unique properties are those most prized by buyers.
All this knowledge is distilled into this beautiful modern Marbella villa for sale in hacienda Las Chapas. As any architect would tell you, in a truly fine home an inspired concept precedes an inspired design, and the home we have created is built upon a lifestyle concept that is not only geared towards creating an exceptional living environment, but one specifically suitable for our modern age. What it therefore represents is the best of contemporary design and execution, from the initial concept and architectural styling through to the choice of materials, the highest construction standards and the application of the latest technologies. These elements produce a unique canvas for creating a home of true comfort, top level luxuries and refined modern style. It provides the ideal setting to which we add inspired landscaping and interior decoration.
www.residenciaestates.com
Real Estate Marbella Just a few steps away from the beach!
MARBESA
Ref Vh1806
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Beds: 2 Baths: 2 Built: 209m2 Terrace: 120m2 Plot: 503m2
Fantastic five bedroom villa on a huge plot in the heart of Elviria
ELVIRIA
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Beds: 5 Baths: 5 Built: 532m2 Terrace: 75m2 Plot: 2.000m2
office 1 Centro Comercial Contur, Local 5, Ctra. A7 km.192, Elviria, 29604 Marbella
office 2 Centro comercial Elviria, local 14 B, Ctra. A7 km.192, Elviria, 29604 Marbella
Tel. +34 952 833 200
Tel. +34 951 198 199
info@realestatemarbella.com
info@lettingsmarbella.com
LA ZAGALETA
Ref Vh1814
0â‚Ź 0 .0 0 0 5.9
Stunning family villa in La Zagalega, the most exclusive urbanisation on the Costa del Sol, with impressive views to the valley and golf. Surrounded by nature this villa offers everything the heart desires. Large and bright rooms. Beds: 5
Baths: 5
Built: 1.125m2
Plot: 5.254m2
www.realestatemarbella.com
MARKET REPORT 2018
MARKET REPORT 2018
In an era where we’re ‘back to business as usual’, the main message is one of sustainable growth and continuity in the year ahead, but also a reminder to keep a sharper lookout for potential spoilers than the industry did in the years leading up to 2008.
Every year we take time out to take stock of the market; looking back, at the present and forward—the goal being not so much to describe the current situation but to see if there are any important trends or signals that can help us plan for the near future. having sailed the ship through stormy weather we now nd ourselves in calmer waters on a local, national as well as global level. Geopolitics aside, the world seems to be slowly gaining traction and economic growth forecasts are cautiously being raised for the euro zone as well as other parts of the world, though warnings about public, corporate and private levels of debt, as well as the fragility of the credit-based international nancial system, remain unanswered.
Many say the core issues leading up to the events of 2008-2009 have not really been addressed. Banks are steadier and the nancial sector is ever more tightly controlled but government debt remains a true worry, as do low levels of corporate investment and productivity growth, particularly in Europe – where it is related to a high tax burden – and too much dependence on consumer growth. The latter is fuelled by credit and low interest rates that make some feel unrealistically rich, drive prices up and feed spenders while punishing savers and investors. It worked as part of nancial repression in the wake of the sovereign debt crisis, but other than providing cheap
capital injections for the larger corporations hasn’t done much to stimulate growth in real terms.
Beachfront bliss in the New Golden Mile
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If monetary policy were a lemon it would be pretty dry by now, and many warn that should there be another nancial crisis it wouldn’t be of much use this time round, having pretty much stretched as far as it can go. Fiscal policy o ers more potential for growth stimulation, though it requires a more judicious approach than merely lowering taxes in a top-down fashion. It will be interesting to see how the US initiative works out and if – like most American trends – it comes our way. For the time being though, both the local and the global pictures are encouraging, signalling much-needed, peaceful ‘business as usual’ continuity, but it would be good to remain alert to any signs of danger.
2017 IN SUMMARY
2017 con rmed the trend of moving ‘out of crisis’ that was started some years ago. As one of the countries leading the euro zone recovery, Spain is posting healthy economic growth rates of between 2,5% and 3%, with unemployment dropping steadily, investment and consumer levels rising strongly and con dence at its highest level in years. The banking and property sectors are similarly in far better health than a relatively short time ago, and here the revival of domestic demand is adding to strong international demand (for big city and coastal properties) in revitalising the construction sector. The tourism boom is further boosting the economy and the balance of payments is positive, so if ever there was a time to reduce the tax burden – particularly on grassroots and midsized enterprises – it would be now.
Locally, the picture is even more positive, with tourism aglow and an international homebuyer’s market creating solid growth as shown in home sales, construction starts and property values. For DM Properties it was the wake- up year for the market, with sales strongly higher than 2016, the year when Brexit had its main impact. There was an upswing also in
MARKET REPORT 2018
interest among Scandinavian, Dutch, Belgian and French buyers, and the most popular properties were in the mid-range between just under €1 million and just over €3 million, though new- build apartments from €350.000 in the Estepona and Benahavis areas were also popular, and there has of late been a noticeable revival in the luxury market above €4 million.
Exceptional mansion in Sierra Blanca
Property transactions during 2017 in the ‘Golden Triangle’ of Marbella, Benahavis and Estepona show con rmation that the market is at the highest point in well over a decade, with sales in Benahavis moderate, those in Marbella consistently high and Estepona accounting for much of the growth. The gures from the Ministerio de Fomento (Ministry of Public Works) are accompanied by a national breakdown of foreign property buyers in all of Spain in 2017, which saw the British top the list with 15,01% of sales, in spite of Brexit. They were followed by the French and the Germans (see table quoting the Colegio de Registradores), with 8,64% and 7,77% respectively.
The good news is that this is not (yet) a seller’s market, that Marbella’s PGOU issues have probably avoided over-building and a price bubble there, that growth is now more spread out, and that sales and rising home prices are at levels that can be sustained for some years to come – especially given keen interest from overseas buyers. Brexit remains an issue, but the more sophisticated British buyers especially seem hardly a ected and the British remain the largest single group amid a very highly diversi ed client base.
MARKET TRENDS
The latest growth cycle, which can be said to have begun as early as 2012-2013, was characterised by a signi cant shift in homebuyer tastes and preferences that kicked o a ‘return’ to white-toned modern architecture. Combined with great advances in construction techniques, new building materials and the proliferation of technologies that would not so long ago have seemed pretty futuristic, this move towards contemporary, open-plan properties featuring the latest home automation systems has manifested itself as the main trend a ecting the real estate market on the Costa del Sol these past years.
In the beginning there was a marked shortage of new stock of this kind due to several years of building inactivity – a hiatus that marks a dividing line between two distinct product eras – so the rst pioneering investors and developers were well rewarded as modern homes were snapped up eagerly. Since then, many foreign investment funds are involved in new property development along the coast. With signi cant numbers of new projects currently launched, under construction and already delivered to the market, supply (of new-build homes) is beginning to catch up. For those with a long memory it signals both that we’re in a healthy growth phase and that this is a warning signal. If compared to the previous up-cycle (read: property boom of the 2000s), it places us roughly in 2002, and while this was a time of boom it also proved to be a highpoint not long after which intrinsic demand for Costa del Sol properties was surpassed by a production machine in overdrive.
ProPerty sales from 2004-2017 in marbella, benahavís and estePona
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toP ten nationalities searchinG for a ProPerty in marbella in 2017
PercentaGe of ProPerty PUrchases by foreiGn bUyers in 2017
The total of 464.223 property purchases in Spain in 2017 (highest gure since 2008), represents a 14,98% increase compared to 2016. Sales in Andalucía totalled 88.657 (up by 12,54%) and in Málaga 30.300 (up by 14,62%). Percentages of foreign buyers of the total sales in each area:
ranKinG of foreiGn nationalities bUyinG sPanish ProPerty (nationWide)
Percentage shows share of the total foreign buyers for each year
REVERSING THE DEMAND-SUPPLY MECHANISM
In a perfect world supply follows demand, but in reality there is inertia, particularly when you’re talking about big-scale projects like property developments. Large sums are involved and years pass between the decision to invest and the nal delivery (of product and return), so with the bene t of hindsight to boot we should watch for signs of overproduction – lest we fall into the same trap of inverted dynamics where the output of ramped- up construction has to be ogged to a market with eyes bigger than its stomach. After 2004 intrinsic demand had 36
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begun to be sated yet building and sales continued unabated, driven now by in ated property prices that turned Marbella homes into speculative pawns in what eventually became an investment bubble.
The present conditions are somewhat di erent – we now no longer live in the era of easy credit, but also haven’t become immune to market bubbles, so in order to avoid it happening again investors and industry pundits should keep a keen eye out for the rst signs of oversupply. Overzealous production is never a good thing, but it makes particularly little sense in a luxury market such as that of Marbella. This is as true of real estate as it is of tourism, so this region should jealously guard its ve-star rating and focus on quality, not quantity. On a positive note, the large-scale apartment complexes that were being built by 2002 are not (yet) visible, with the largest contemporary projects seldom surpassing 200 units, though some mega-projects have been proposed but none yet realised.
PRODUCT DEVELOPMENT
The modern villas and apartments featuring sleek white lines and open, minimalist interiors full of high-tech gadgetry completed the process by which the Costa del Sol’s property o ering has caught up with that in the major centres of the world. Gone are the days when most buyers were not as demanding of the latest comforts as they are now. By and large, the properties on these shores are now su ciently cutting edge, though what was deemed extremely novel and desirable a mere ve years ago is beginning to feel somewhat repetitive. We must guard against an onslaught of unvaried, straightangled monotony or the market will begin to grow tired of it. It seems that, from investors and property developers to architects, real estate agents and indeed homebuyers themselves, the message is getting through and diversi cation is taking hold. A wider palate of materials and styles is adding character to the ‘white boxes’ some had started dubbing modern houses, while more inventive work is also done with layouts, interior styles and landscaping. The new era has also seen a growing diversity of property types, away from the neartotal predominance of (two-bedroom) apartments and large villas to now also include larger apartments, with three and also four bedrooms, designed for year-round living, smaller villas and properties such as luxury modern townhouses and semi-detached villas that bridge a gap in the €500.000 to €800.000 segment.
NEW VERSUS RESALE
Where has all this new/modern development left the resales market? With so much of the demand focused on a new generation of properties that really does represent a watershed in housing not only in terms of form but also in content, villas and apartments from before the crisis have suddenly aged rather quickly. Though much of the attention is focused upon newly built properties, resale homes in soughtafter locations continue to sell well, and more are expected to do so as time passes and the initial sense of architectural novelty wears o a little.
MARKET REPORT 2018
A large proportion of people looking at resale properties will want to restyle, renovate and at the very least modernise them, but this costs time, money and e ort, and that should be re ected in the price. And herein lies the problem, for quite apart from spawning a renovation/ investment industry that upgrades old houses in good locations, resale properties tend to be overpriced. Sensing that the market is in better health, many a vendor is setting his or her asking price too high, and with the subjectiveness inherent in being a proud homeowner they are not realising that this is largely a dual market right now in which – apart from older properties in locations with scarce building land – new-builds command the highest prices. The latter is especially true when you look past the price label and calculate cost per square metre – where new homes are quite a bit dearer than existing ones – but at least in nominal terms they appear very reasonably priced in comparison with resales. It is also a dual market in the sense that most newbuild activity is concentrated in Benahavís, Estepona and Ojén, while Marbella continues to have a strong market dominated by resale properties.
growth more sustainable but also allows new real estate ‘hotspots’ to develop, and they are great for investors and homeowners alike. So, while classic addresses such as the Golden Mile, Nueva Andalucía and La Zagaleta remain timeless gems they are now joined by increasingly in-vogue areas such as La Alquería, Atalaya, El Paraíso and the New Golden Mile. As a result, there is a good mix of new developments on the market, mostly by large Spanish promoters backed by investment funds, many of which are American, though there are also private developers of smaller gated villas.
PLANNING AND UPCOMING AREAS
You might think to yourself ‘what have urban planning and upand-coming residential areas got in common?’ but Marbella’s problems in nding a workable directive to guide new development have pushed much of the activity towards Benahavís, Estepona, Mijas and Ojén. The natural tendency in this area is centripetal, a process by which most investment and development has a way of being concentrated in Marbella, but the inertia caused by slow and arduous processing of planning permission applications has produced an opposite e ect – a centrifugal shift to the outward lying areas.
In a way this is good, because it has allowed more scope for future growth in Marbella and prevented a real estate bubble from occurring in land and property prices here that would have resulted from the concentration of development within its municipal boundaries. The outward movement has absorbed much of the stresses, spread growth more evenly and also dampened the impact of price rises. This not only makes
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Villas in Marbella hill Club, Golden Mile
CLIENT PROFILE
Most buyers are couples or families, above all from late thirties up to mid-sixties, and the majority are lifestyle or end-user buyers, with a smaller number buying purely for investment.
PRICE TRENDS
The o ers made by buyers are not as aggressive as before. In many cases they come in quite close to the asking price and eventual discounts are within the ten per cent range. Buyers in search of deals have to face a situation where properties are selling faster and closer to the asking price than before.
Looking at Knight Frank’s 2018 Wealth Report, however, Marbella still o ers great value in spite of rising prices. In Monaco, which continues to top the international price list, $1 million will buy you just 16 m2, with hong Kong, New York, London, Singapore, Geneva and Paris following and taking it up to 46 m2 for a $1 million spend. Marbella doesn’t make the top-20 in this mostly densely built-up big city list, so you get more than ten times as much square meterage for your money as in Monte Carlo. Given that the real estate itself is generally of a far superior quality, apart from being a tax haven the principality has far less to o er in intrinsic terms.
CONSUMER TRENDS
Most clients have similar requests; sea views, walking distance to amenities, south or south-west orientation, privacy and sea views. Gated communities are also a popular request but not a necessity, and there is greater acceptance of new areas than before. The most popular properties are Nueva Andalucía apartments from €150.000 to just under €1 million and villas from the latter price up to €2,5-€3 million. The sweet spot is apartments of around €500.000 in prime spots close to services. For villas it’s for three-bed and up properties of up to €2 million in prestigious areas close to beaches and amenities.
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Gated communities and well-established areas are an important extra. In the segment above €3 million the prestige of the area is important along with commanding views.
PRODUCT TRENDS
People are still looking for modern styled apartments but in the villa sector we are starting to get requests for a modern style with character. Many of the ‘box’ styled villas will become dated in the next few years and already buyers are beginning to veer away from them and are requesting more ‘Mediterranean’ touches. In response, architects are starting to move away from white boxes with glass façades and apply warmer materials such as wood, stone and also more greenery, with an increase in shaded porches and covered areas, though still looking to maximise natural light indoors. The trend is away from too starkly modern, and while very classical or idiosyncratic homes are not in vogue, there is increasing demand for properties that are easy to modernise.
MARKET REPORT 2018
LOOKING TO 2018 AND BEYOND
The new year has continued the momentum of 2017, which gathered pace in the second half of the year, and all the indicators are pointing at another year of good, solid growth at levels that are not overheated but sustainable. If anything is headed that way it’s land prices, which have risen quite a bit faster than the selling price of the end product, thus tightening the margins of developers and investors. The newly emerging ‘hotspot’ areas o er some scope for greater gains, though here competition for land is also erce and the selling price is connected to the land cost when compared to Marbella. The ‘luxury’ brand evolution of such areas is still in full development, and is best served by the consolidation of areas marked by quality developments and urban infrastructure.
For the time being, however, there is no imminent fear of a bubble market, and while the stock markets have received a jolt their impact is expected to be limited as this is more a price correction than a re ection of major macroeconomic trends or corporate pro tability. Corporate debt, on the other hand, is a concern, and some say this, together with the impact of Brexit, could cause the onset of the next slowdown around 2020- 2021, though it would be a mere cyclical recession and far milder than the great one we su ered through between approximately 2008 and 2013. For now, the forecast is sunny, but ‘beware the ides of March’, for now – in what we estimate to be the late summer of our up-cycle – is the time to learn from the past and begin looking out for factors that could spoil the party.
The latter includes concern among agents and promoters about the large numbers of properties under construction right now. If this trend continues there is a real danger that supply will surpass demand, just as it did a dozen years ago. Already, at the lower end of the market, many of the buyers are investors not end- users, and that’s exactly what happened then too. It would signal that we’d be entering the speculative phase of the cycle and that’s a good time to start applying the brakes. “Countering this is the belief that the market still has several years of good growth ahead of it and can bank on an ever-improving infrastructure and level of professional services, growing connectivity through new ight routes linking the region to di erent parts of the world, and a burgeoning cultural and gastronomic o er here and in nearby Málaga – not to mention the enduring appeal that sets Marbella apart and makes it an evergreen luxury destination,” says Diana Morales, Founding partner of Diana Morales Properties | Knight Frank. Contributors: The DM Properties team Written by Michel Cruz
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M. (+34) 629 890 131
info@belair-properties.com
LA ALQUERIA
Villa La Alquería
Fantastic modern, luxurious, South facing villa situated in an exclusive gated complex and first line of the fairways of the Atalaya Golf Course. It has a lovely, very private, garden with heated pool, 24h security, fantastic views to sea, mountain, golf & close to international school & supermarket. It is decorated with high quality materials & appliances, like domotic system & solar panels. Beds: 4 / Ваths: 3 / Built: 320m2 Terrace: 86m2 / Plot: 650m2
Price: P. o. A.
www.belair-properties.com
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ARChITECTURE
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Fantastic rustic plot in the Albuqueria area of approximately 70 hectare Very good location and just 20 minutes to Marbella or Mijas and very close to the Alhaurin Golf course. Fantastic views, including sea views. It also has a cork forest which generates revenue, abundancy of water and various storage houses (need reform). The plot consist of 7 independent land registries.
+34 639 42 62 61 info@easysale.es www.easysale.es
1 Line Golf st
Luxury Residential Complex 23 townhouses and 2 villas
From 650.000€
CABOPINO - Marbella
Frontline golf property • Within the Cabopino golf course • Excellent location • Close to both a golden sand beach and the port • All properties have three en suite bedrooms • Wonderful views of the Mediterranean Sea • Private swimming pool • Wide private gardens • Living room designed to ensure wellbeing • Clear ceiling height of 3.6 metres • Kitchen perfectly equipped with appliances NEFF • Aerothermics • Absolute security and serenity
COMPREHENSIVE ADVISORY SERVICES FOR COMPANIES AND FREELANCERS. WE SPECIALIZE IN TAXATION, ACCOUNTING, PROPERTY ADMINISTRATION, LABOR ADVICE AND OFFICIAL VALUATIONS.
ADVISING, MANAGEMENT SERVICES & LEGAL REPRESENTATION IN PURCHASE & SALE OPERATIONS OF PROPERTIES IN SPAIN.
Our team is formed by more than 15 professionals, lawyers and economists, tax advisors and accountants with more than 20 years of experience.
We have our offices in:
• Av Ricardo Soriano 12, Edif. Marqués de Salamanca, 5ºA • C. Juan Ramón Jiménez 9; 4th office 3 29601 Marbella
We speak English and French.
For more information you can contact us at: +34 952 77 26 53 +34 639 42 62 61 +34 607 81 02 86 info@sltmarbella.es
CRISTAL MARBELLA
cristal marbella At your service since 1985
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CRISTAL MARBELLA
C
ristal Marbella is celebrating the Company’s 33rd anniversary this year. It is wonderful to see how in this family business, which was founded by Juan Rueda MartĂn and later handed over to the entrepreneur Mario Rueda Velasco, two important aspects remain the same: excellent customer service and the fact that Cristal Marbella continues to be regarded as one of the best and most accomplished glassware experts.
IDEA
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CRISTAL MARBELLA
Indeed, it is due to such excellence that Cristal Marbella has had such a successful 33 years. It has worked for top brands like Roche Bobois and El Corte Inglés and has had work commissioned in iconic locations such as Marbella, Sotogrande, Valencia and Madrid. There are other issues that are not only important for the company’s continuity but also for its future like the fact that Cristal Marbella has managed to find a balance between the charm of its craftsmanship and the incorporation of new technologies. In fact, its glassware can be used for traditional glazed doors, to the insertion of digital prints or fabrics in glass – some of the latest interior design ideas!
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In fact, it is in the area of home decoration where Cristal Marbella’s expertise truly stands out. Bath and shower screens, mirrored walls, lacquered glass panels, interior doors, stairs and glass railings, partitions in offices, curved glass panels, steel railings with glass incorporated, and aluminium and PVC windows are just some of the products available. Although Cristal Marbella carries out work orders for construction companies, their forte is and always will be their private clients. Spanish or foreign residents of traditional tastes or the more risqué – Cristal Marbella caters for everyone.
Elegant Marbella Estates Costabella, km 189 A7, C.C. Andasol, Office 8, 29604 Marbella, Málaga REF V1266
ALL VILLAS ARE NEW N PROMOTIO VILLAS
All VIllAS HAVE NICE GARDEN AND POOl AREAS PRICES ARE fROM 850.000€
REF V1235
THE VILLAS ARE CLOSE TO THE BEA CH AND HAVE SEA VIEWS
NEw VIllAS IN lA CAlA, MIJAS COSTA PRICES fROM 785.000€ REF V1234
FURNITURE PACKAGES BLE ARE AVAILA WITH D DISCOUNTE PRICES MODERN SEMI DETACHED VIllA IN El HIGUERON BENAlMADENA PRICES fROM 785.000€
REF A1298
LUXURY AN D MODERN N EW APARTMEN TS WITH SEA VIEWS lUXURY 2-3 BEDROOM APARTMENTS IN El HIGUERON All wITH SEA VIEwS AND lARGE TERRACE OR GARDEN PRICES fROM 450.000€
REF A1304
REF A1303
lUXURY PENTHOUSES IN lA GAlA GOlf 2-3 BEDROOMS wITH GOlf AND SEA VIEwS PRICES fROM 287.000€
MODERN APARTMENTS IN MIJAS COSTA 2-3 BEDROOMS ON fIRST BEACH lINE PRICES fROM 425.000€
REF A1298
EL HIGUERO
N
WEST APAR TMENTS INCLUDES ACCESS TO SPA & GYMNASIU M
SOME Of THESE MODERN APARTMENTS AND PENTHOUSES HAVE PRIVATE POOl OR GARDEN PRICES ARE fROM 450.000€
WE GIVE yoU MoRE INFoRMATIoN oF THE NEW PRoMoTIoN PRoPERTIES! CALL US ToDAy!
Tel: +34 951 087 933 sales@elegantmarbella.com www.elegantmarbellaestates.com
LEGAL
VOGT ADVOKATFIRMA ESPAÑA SL
DELIVERY OF NEW PROMOTION hOMES. INSPECTION AND RECTIFYING DEFECTS.
T
he delivery of a new home takes place with the handing over of keys and the execution of the public purchase deed, and is the culmination of the purchase process. And when it comes to that moment, you need to be certain that you are going to receive exactly the same property that was offered to you when the purchasing process began, with the same qualities specified in the contract, with the modifications and improvements agreed with the developer, and with the desired finishing touches for the type of home acquired". Nowadays, we can find a lot of information in newspapers, in specialist magazines, and in blogs and internet forums, offering advice on the countless precautions that should be taken by anyone wishing to acquire a new home, especially if it’s an off-plan property. These precautions generally apply to three main areas:
1.- developer. The buyer is strongly advised to do some
thorough research about the developer, mainly to check up on their solvency, and to make sure that whoever is underwriting the project has experience in the market.
Choosing a good developer can avoid unpleasant surprises, as it’s the developer who has to resolve any problems the buyer encounters when acquiring the new home.
2.- contract. This is the document that links the developer
and the buyer, and specifies the terms and conditions that regulate this relationship. It‘s necessary to verify that all the clauses are understood, that there are no unfair clauses, or clauses that breach the principle of equal treatment for both parties, that the buyer is provided with the documentation required by law, and above all, that the amounts paid with regard to the purchase or sale price are clearly stated and guaranteed.
3.- the property. The buyer should collect as much
information as possible about the project, analyse the plans of the property, determine the technical specifications, and be fully informed about any other aspect of the project that may have an impact on the home he wishes to buy.
It is not the intention of this article to go over each and every one of the much-analysed factors that may have a bearing on
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the process of buying and selling a newly built property, but to focus on an aspect that is rarely discussed, and that relates to each and every one of the key areas mentioned above: the delivery of the property.
The delivery of a new home takes place with the handing over of keys and the execution of the public purchase deed, and is the culmination of the purchase process. And when it comes to that moment, you need to be certain that you are going to receive exactly the same property that was offered to you when the purchasing process began, with the same qualities specified in the contract, with the modifications and improvements agreed with the developer, and with the desired finishing touches for the type of home acquired.
The ideal outcome is a contract of sale that includes a clause establishing a period of time before the delivery of keys, in which the buyer can inspect the property and check that everything is in perfect condition. And should this not be the case, a contract that allows the buyer to draw up a document with the developer, listing all the problems, defects and necessary changes, so that they can be rectified by the developer in the shortest possible time.
Developers usually provide a standard snagging list sheet before the inspection so that it can be completed by the buyer during the visit. however, we recommend that you take one of the many templates available on the internet in case the developer fails to provide you with their own document for you to complete.
The inspection of the home should be as thorough as possible, and you should attend the inspection with a technical expert, who can help you review the most important points of the inspection and ensure the home is handed over in optimum condition. If problems exist, an expert can also assist with the detailing of discovered defects or deficiencies with the finishing touches that need to be rectified by the developer
It is important to attach photographs to the snagging list, which must be properly completed after the visit and signed by both parties.
LEGAL
Buyers must request a stamped or signed copy of the snagging list they submit, as it isn’t usually possible to make a photocopy. Two copies need to be completed and the developer signs one for the buyer. The buyer doesn’t usually need to submit the snagging list immediately after the inspection. A normal and reasonable time limit for submitting the completed snagging list is usually within 15 to 30 days of the date of the visit.
In general, unless it has been so stated in the sales and purchase contract, there is no specific deadline for the Developer to carry out the repairs and checks required by the buyer. Although it is usual for the company to try to sort out everything as soon as possible, in reality, that is not always the case.
On occasions, the reason behind such delays, or the complaints made by the buyer to the developer not being attended to, are disagreements between the developer and external contracts made by the developer for certain aspects of the building process. Such disagreements should at no time diminish the finishing quality of the property to be delivered by the developer.
Nevertheless, the developer’s responsibilities towards the buyer do not end once delivery is taken of the property and the faults observed during the inspection visit have been repaired.
If, once the property has been delivered, the buyer detects any defects, the first thing to be done is to inform the developer in order for them to be corrected. If, after a reasonable period of time, the repairs have still not been carried out, a complaints form can be requested from the developer so that there is a written record of the complaint.
If the buyer presents a complaints form, the developer is obliged to respond within 10 days of the form being presented. If no answer is received, or the answer offered is not considered correct by the buyer, he may forward the claim to
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the Provincial health Department of the Andalusia Regional Government so that an agreement may be reached with the company through mediation or arbitration. The buyer, if he wishes, may also present the complaints form to the Municipal Consumer Service Office (OMIC) or to a consumers and users association.
If the administrative channel fails to resolve the problem, then the only remaining course of action is to take it through the courts, who can impose a solution on the parties; something which the Administration is not able to do.
Please remember that, in the case of non-fulfilment of the contract by the seller or the appearance of faults or defects, the buyer may request that the courts terminate the contract or demand that it is fulfilled or insist on the repairs, with compensation in both cases for any damages caused. the guarantees protecting the buyers of properties are set down in the building regulations act. This law sets down three deadlines for making a claim:
A first guarantee, for one year, covers material damage due to construction defects which affect finishing such as paintwork, doors, floors or glazing. The buyer will have three years to claim for damage which causes deterioration of installations and leads to the failure to comply with the requirements for habitability, such as the presence of damp.
Finally, there is a ten year guarantee in the case of functional damage, i.e., faults affecting the foundations, supporting elements, beams, floors, load-bearing walls or other structural elements, which directly undermines the mechanical resistance and stability of the building.
There is a double deadline. A period of 1, 3 or 10 years to detect the defect and another of 2 years from the time it is detected in order to make a claim through the courts.
LEGAL
What the buyer should be aware of is that, in order to bring a liability action, the damage must become apparent, in all cases, within the time limits set down in article 17.1. of the Building Regulations Act (LOE) (ten years, three years or one year) and those time limits must be calculated counting from the date when delivery is taken of the construction without any complaints, or from when such complaints are resolved.
Court action claiming for liability under the law for material damage caused by faults and defects, will expire after two years counting from the time such damage arises, notwithstanding any court action which might be taken due to non-fulfilment of contract.
It must be taken into account that these time limits begin from the time delivery of the construction is taken by the developer and this can cause a problem in the case of properties which, due to market circumstances, have taken longer to sell than originally planned. In such cases, in the event that for any circumstances, we should find ourselves outside the deadline laid down by the Building Regulations Act, all is still not lost, since, although we cannot claim against the builder, architect or quantity surveyor, the contractual liability of the developer/seller remains in force until 15 years after the sale. Nevertheless, such a claim for contractual liability will always have an uncertain outcome and therefore it is always recommendable that the party affected should claim within the mentioned deadlines wherever possible.
As we have already mentioned, there is a one-year guarantee period from the time the property is purchased to claim for what are known as construction finishing defects. It is recommendable to notify the developer in writing of any defects which have been noticed and to obtain proof of delivery of such notification. Normally, they will deal with your claim and correct the defects detected. If that is not the case, then you should consider a formal complaint.
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Prior to resorting to court action, it is a recommendable to make an out-of-court claim against the seller.
Such a claim should refer to the sale and purchase contract signed, identify both the buying and the selling parties and list the existing defects and the damage caused. The seller can be required to repair the defects which have appeared within a specific time limit (for example, 7, 10 or 15 days), informing them of the possibility of legal action being taken if this is not done.
This document for an out-of-court claim should preferably be sent in a way that demonstrates reliable delivery, such as by burofax with proof of delivery and certification of content, a telegram with proof of delivery with a notarized request or by way of a letter, of which we will need a copy signed by the seller because in this way proof is obtained of the date it is sent, the date it is received and, above all, of the contents of the letter.
If no response to this out-of-court claim is received, or if a response is received which is unsatisfactory as regards our interests, court action should be initiated by way of a civil suit requesting a decision by the court obliging the selling company to resolve the hidden defects or give compensation equivalent to the damages caused.
In order to bring court action, it is necessary to provide evidence such as photographs of the defects, a notarized document in which the Notary, having visited the property, attests to the state of the property or an expert opinion signed by an architect or a technical architect assessing the defects. Jose Luis Rojas VĂĄzquez. Lawyer and Partner at VOGT Advokatfirma EspaĂąa, S.L.
VOGT ADVOKATFIRMA ESPAÑA SL Vogt Law Firm is handling legal matters associated with real estate, tax, inheritance and immigration to Spain as well as matters relating to Spanish and Norwegians business law. Vogt Law Firm was founded in 1999.
Vogt Advokatfirma España S.L Ricardo Soriano 65 · 2º-3 29601 Marbella · Spania
www.vogtlaw.com
+34 952 776 707 info@vogtlaw.com
8 SEMI-DETACHED VILLAS: 4 BEDROOMS – 3 BATHROOMS
2 PARKING SPACES PER PROPERTY
PREMIUM QUALITY CONSTRUCTION AND FINISHING
AIRY MAIN FLOOR INTEGRATING THE KITCHEN INTO THE LIVING ROOM AND WITH A LARGE TERRACE TO ENJOY DOUBLE FLOW VENTILATION SYSTEM
CLIMATE CONTROL SYSTEM AND DHW WITH AEROTHERMAL PROCESS DOMOTIC SYSTEM TOP PARTNERS:
Highest quality appliances & materials, already used: DAIKIN
SIEMENS
KÖMMERLING Promoted by: Commercialized by:
HANSGROHE
LIVING CERAMICS
SIBER
D LA ELIV ST ER QU y AR EST TE IM A R OF TED 20 : 18
PRICE RANGE: FROM € 440.000 TO € 598.000
“Homes in harmony with nature”
with spectacular views
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